yvatsji

AXIS BANK SHOWING WEAKNESS WILL IT CONTINUE OR TRAP SEE YRSELF!

NSE:AXISBANK   AXIS BANK
Hi Traders,
In the last week's post, I mentioned in my statement point no . 2 is quoting for your consideration " Next leg of the move will start only when green dotted line and the solid zone is taken out in 2 hrs time frame. Otherwise, the price will move into range-bound trade between upper green and lower green support." . You can see taken out condition is partially fulfilled in 2 hr but next day but not the next day. Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For intraday trades 1 hr with 15 min. For taken out condition price has to complete in both time frames. Aggressive traders can take that side position in a lower time frame with the stop loss of breached candle low. In both the time frames given line is breached by a candle that candle high is to be breached by next candle and close should be above the previously breached candle. This is how taken out condition is being implemented. please see the fig of last week and compare it with recent this week's move in the above fig. You will realize how the level of trade was manifested last week.
Trade plan for next week.

1. In fig, see the bearish engulfing pattern it has got activated the next day too just below the green arrow. Therefore positional long be care full about your positions. If price takes out in 4 hr time frame the taken-out condition then exit immediately. Because will travel to lower red and gene zone in the coming days.

2. On the contrary, if price invalidates the taken-out condition then you can see price travel to zone 1. The rest price will decide.

YOGESH VATS
Disclaimer:- All positions should be taken on the advice of your financial planner. My work is purely for education purposes.



Comments

Thanks sir,

Full of wisdom words on "taken out" in both intraday and positional analysis.

Friends ! Preserve whole opening para in your diary as I, myself, have done it ...... Yogesh sir is the purest soul in this money minded world and every word and phrase coming out when he is in state of flow is a sort of 'mantra'. imbibe it, verify it, practice it.

Sir ! I rememher your advice directed to trollers and paraphrasing it for our fellow traders " when you are 100% sure of your calls why to earn by selling them, why can't you earn trading on them".

Great sir !

Have a blissful weekend

Thanks and Warm Regards
+1 Reply
yvatsji sharmaumesh1967
@sharmaumesh1967, Thanks for creating awareness among traders. Enjoy your weekend too.
+1 Reply
Please do analysis of PVR
ThankYou
Reply
Sir in point 1 your are saying taken out red dotted line.
If i am wrong please correct
Reply
yvatsji sagarsapate555
@sagarsapate555, yes some writing mistake. you understood correctly.
Reply
Hi Yogeshji... Small doubt
There is a Bearish Engulfing Pattern, Then there must be a Resistance at top of the bearish engulfing pattern..
Reply
yvatsji devinenis7
@devinenis7, It is not necessary to have old resistance every time. If the structure is creating a new zone then you will get this. The same case is with this stock. The high of the pattern becomes resistance itself, so read in this way.
Reply
devinenis7 yvatsji
@yvatsji, Thak you ..sir..
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out